Accounting Charts templates included in Banana Accounting are already set with the VAT accounts, the VAT according to VAT report account (automatic), both in the chart of accounts and in the File and accounting properties of the File menu - VAT tab (in this case you don't need to enter any VAT account into the VAT codes table).
In case you are not using the Charts of accounts already available in Banana, make sure that the necessary VAT accounts are present in your own Chart of accounts. Our advice is to use a "VAT according to VAT report" account and to enter it into the File and Accounting properties, VAT/Sales tax Tab.
In the VAT codes table, there are codes both for the sales and the purchases. When entering the transactions, use the appropriate VAT code.
The software automatically splits the VAT amounts and records them in the "VAT according to VAT report" account or in the VAT account that has been indicated by the user in the File and Accounting properties.
You can find the full explanation of the main Transactions table columns in the Transactions page.
In the Double-entry accounting files with VAT or in those of the Income & Expense accounting with VAT, you will find the following VAT columns:
- VAT Code: for each transaction with VAT you need to enter one of the VAT codes from the VAT codes table
- VAT %: the program automatically enters the VAT percentage associated with the VAT code you entered
- VATExtraInfo: A code related to extra info about the VAT, to be used only in very exceptional cases.
It is possible to enter a symbol to identify specific VAT cases. The program suggests options, corresponding to the VAT Codes that start with a colon ":".
- %Eff.: the program automatically enters the VAT percentage referred to the net amount. This percentage is different from the normal percentage when this one is referred to the gross amount.
- Taxable: once you enter the VAT code, the software automatically indicates the taxable amount (without VAT)
- VAT amount: the program automatically indicates the VAT amount
- VAT A/C: the account where the VAT is registered is automatically indicated (for Switzerland normally is the 2201 VAT report account); this account was previously entered in the File Properties, VAT tab (from the File menu).
- Amount type: this is a code that indicates how the software considers the transaction amount:
- 0 (or empty cell) with VAT/sales tax, the transaction amount is VAT included
- 1 = without VAT/Sales tax, the transaction amount is VAT excluded
- 2 = VAT amount, the transaction amount is considered the VAT amount at 100%
- Amount type not editable: Default mode.
- The column is protected
- The program uses the associated value of the VAT Codes table
- When you edit the value in the VAT Codes table and you recalculate the accounting, the program uses the new value associated with this VAT Code.
- Amount type editable: this option can be activated with the Add new functionalities command. The activation of the option cannot be undone.
- When you edit the VAT Code, the program uses the Amount type associated with this code.
- The value can be edited manually
- When the accounting is being recalculated, the value indicated in the Transactions table is being maintained.
- Non. Ded. %: this indicates the non deductible %.
- When you enter or change the VAT Code, the program uses the Non. Ded. % associated to this VAT Code in the VAT Codes table.
- You can manually edit the value
- VAT Acc.: this is the VAT amount registered in the VAT account.
It is calculated by the program according to the Transaction amount, the Amount type and the non deductable percentage.
- VAT number: this is the code or VAT number of your client/supplier.
When you enter a transaction with VAT, it is possible to enter the VAT number of your counterparty. If in the Accounts table, in your clients/suppliers register, you also enter their VAT number, this is automatically loaded in the Transactions table, in the VAT number column.
For more information about the Transactions table please visit the Transactions table's page.